If you are concerned about the cost of long term care, you need to know that you will have to meet financial criteria before you can access government help. A good alternative is to invest in long term care insurance.
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The Restrictions of Government Programs for Long Term Care
Long term care expenses are covered by the government, but only if you have exhausted all your other financial options. This means that if you want or need to have your Medicare or Medicaid pay for necessary long term care, you will need to first use up all of your savings, liquidate assets and even sell your home to finance your care first. Only then will it kick in.
Medicaid does cover some long term care expenses, if you qualify. Specific qualifications vary from state to state. Eligibility and the type of care covered fluctuate also.
Many of the government programs select long term care facilities that are overcrowded and not up to the standard that many people would choose for themselves. Government programs do not cover all types of long term care, so you may end up being a burden to your loved ones before you are deemed eligible for help.
Benefits of Private Long Term Care Insurance
Long term care insurance from a private company will provide you with the financial protection you want. What you have worked so hard to provide for your family will not be taken away because of your health care needs. By investing in long term care insurance, you will be able to leave the inheritance you want to your loved ones.
In addition, private long term care insurance affords you a great deal more dignity than government programs. You, or your family, can choose the quality long term care facility, or opt to have caretakers come to you at home in certain situations, so that you live out your life how you want to, and with the quality care you deserve.
Knowing when to buy long term care coverage is challenging. While not everyone should purchase long term care insurance, those who are over 65 should consider it an important part of health care planning. In fact, buying it at 40 or before is often considered a wise investment. It can also be a good measure if you have a history of family health issues or you have dependents.
Shop for Long Term Care Insurance
For security for your future, choice in the care you get if you were infirm or elderly and couldn’t care for yourself and to ensure quality of life, take the time to look into the option of purchasing long term care insurance. With more and more people living longer than ever, the chances of needing long term care is extremely high. Therefore it makes sense to provide for this possibility. Otherwise, associated costs could drain any savings and resources you and your spouse may have.
Like all insurance, you need to shop around and compare the prices and the options that are out there for your long term care insurance needs. You can get the quotes you need quickly and easily from the free online insurance rates tool. By using this tool, you simply answer some demographic and health questions as prompted and your information will be submitted to a variety of companies offering long term care insurance in your area.
Once you have compared the different policies and prices that are offered, you will need to check into the company that you are thinking of doing business with. By checking with your state department of insurance, you can find out about the frequency and type of complaints lodged against the company, as well as how they were handled. This will tell you how the insurer deals with customers. Doing an online search for consumer reviews on the company will also give you a good idea of how they handle people.
Next you will need to check the financial stability of the insurer you are planning to take out a long term care insurance policy with. You can do so by getting the grade assigned by one of the independent insurance ratings companies like Weiss Ratings, Standard & Poor’s or A.M. Best.
Focus on companies with an A or better rating and an excellent outlook for being able to meet their financial obligations in the future. You will hopefully have such a policy for a very long time before you have to make claims on it. But when that time does come you want the company to still be in business, able to pay the claims and treat you as a valued client.
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